央行等五部门发布海南自贸港跨境资管试点细则！100亿规模上限，明年8月生效

Core Viewpoint - The People's Bank of China Hainan Branch and four other departments issued the "Implementation Rules for Cross-Border Asset Management Pilot Business in Hainan Free Trade Port" on July 21, providing operational guidelines for cross-border asset management in Hainan Free Trade Port [1] Group 1: Pilot Scale and Investor Management - The initial total scale limit for the pilot is set at 10 billion RMB, with net inflows from foreign investors not exceeding this limit at any time [3] - The rules will take effect on August 21, 2025, with initial restrictions on foreign institutional investors, allowing only licensed foreign financial institutions or legitimate Chinese enterprises to participate [3] - After the initial 180-day period, the pilot will gradually open to other types of foreign institutional investors [3] Group 2: Product Range and Funding Source Regulations - Foreign investors must invest in pilot asset management products denominated in RMB, including publicly offered securities investment funds and private asset management products [4] - Foreign investors can use funds from both domestic and foreign sources to purchase pilot asset management products, with special requirements for foreign individual investors using domestic funds [4] - As of the end of June 2023, three banks in Hainan have initiated cross-border asset management pilot business, with a cumulative amount reaching 360 million RMB [4]